You've got to grab a pint at the Green Dragon, even of you're not a hobbitual drinker!

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Posted at: 2019-09-15 11:03:56

The #ElectricCoin#Company (ECC) says it discovered a new way to scale #blockchains with “recursive proof composition,” a proof to verify the entirety of a blockchain in one function. For the #ECC and #zcash, the new project, Halo, may #hold the #key to privacy at scale.
A privacy #coin based on zero-#knowledge proofs, referred to as zk-SNARKs, zcash’s current underlying #protocol relies on “trusted setups.” These #mathematical#parameters were used twice in zcash’s short history: upon its #launch in #2016 and first large protocol change, Sapling, in #2018 .
Zcash masks transations through zk-SNARKs but the creation of initial parameters remains an issue. By not destroying a transaction’s mathematical foundation – the trusted setup – the holder can produce forged zcash.
Moreover, the elaborate ‘ceremonies‘ the zcash community undergoes to create the trusted setups are expensive and a weak point for the entire system. The reliance on trusted setups with zk-SNARKs was well known even before zcash’s debut in 2016. While other research failed to close the gap, recursive proofs make trusted setups a thing of the past, the ECC claim.
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